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[jtomm]

HRBN Earnings Overstated?

The G&A expenses still seem awfully low. You have to figure the top 5 or 6 guys are making at least $US50K each.

But even if we assume the figures are legit, the company has to contribute 20% of the employees salary to a pension plan, and hasn't started doing that yet. They were supposed to start in 2005. It's 2005.

Even if they aren't required to make up the the pension contributions for the first half of 2005, the earnings are still overstated by a fair amount when you factor in the contributions, which at some point will have to kick in.